If a fixed asset, such as a computer, were purchased on January 1st for $1,884.00 with an estimated life of 3 years and a salvage or residual value of $157.00, what is the journal entry for monthly expense under straight-line depreciation?

Select the correct answer.

Depreciation Expense$47.97

Accumulated Depreciation$47.97

Accumulated Depreciation$575.67

Depreciation Expense$575.67

Depreciation Expense$575.67

Accumulated Depreciation$575.67

Accumulated Depreciation$47.97

Depreciation Expense$47.97